Chase to Hyatt Is Now 4:3 From the Sapphire Preferred

Since October 1, 2026, Chase points sent to World of Hyatt from a Sapphire Preferred or an Ink Business Preferred convert at 4:3: 1,000 Ultimate Rewards points become 750 Hyatt points. The Sapphire Reserve and the Sapphire Reserve for Business still convert at 1:1.

Hyatt was the transfer most UR collectors used most, so this is worth five minutes. Here is who loses what, the math at Churn's own valuations, and what to do with the points you already have.

Who is affected

• Sapphire Preferred and Ink Business Preferred: 4:3. A 1,000-point transfer lands as 750 Hyatt points.
• Sapphire Reserve and Sapphire Reserve for Business: unchanged at 1:1.
• Freedom Unlimited, Freedom Flex, Ink Business Cash and Ink Business Unlimited: these cards can't transfer to partners on their own. Their points move to a Preferred or a Reserve first, and the ratio is set by the card the transfer leaves from.

What a night costs now

Hyatt's chart changed too. Since May 20, 2026, each hotel category has five price levels instead of three: Lowest, Low, Moderate, Upper and Top. A Category 4 hotel costs 12,000 to 25,000 points a night depending on the date. At the Moderate level, a Category 4 hotel is 20,000 points a night.

From a Reserve, that night takes 20,000 UR. From a Preferred, Chase moves points in 1,000-point steps, so you send 27,000 UR and receive 20,250 Hyatt points. Three nights at that price take 60,000 UR from a Reserve, or 80,000 UR from a Preferred.

The math at Churn's valuations

Churn values a UR point at 1.7 cents and a Hyatt point at 1.7 cents. Before October 1 the two moved together, so a Hyatt award was a fair use of UR from any card that could transfer. At 4:3, a UR point sent from a Preferred buys 0.75 Hyatt points, worth about 1.28 cents at that valuation.

Put the other way: from a Preferred, a Hyatt award now beats Churn's average UR value only when it gets you more than about 2.27 cents per Hyatt point (1.7 divided by 0.75). Plenty of Hyatt awards do, especially at the Lowest and Low levels and at Category 7 and 8 hotels. A Category 1 hotel at 3,000 points a night rarely does, because the cash rate is low too.

What to do with the points you have

1. If you hold a Reserve, transfer from it. Move points from your Preferred or your Freedom and Ink cards to the Reserve, then send them to Hyatt from there at 1:1. Chase lets you combine points between your own UR cards.
2. If you only hold a Preferred, transfer only for strong awards. Use the 2.27-cent line above. For the rest, the airline partners still convert at 1:1, and Chase Travel pays 1 cent a point.
3. Look at a partner's Reserve. Chase allows points to move to one household member's account. If your partner holds a Reserve, check the current terms for who qualifies before you rely on it.
4. Earn Hyatt points directly. The World of Hyatt card earns Hyatt points with no transfer at all. The embed below shows its current fee and earn rates.

Bilt changes on January 1, 2027

Bilt points still move to Hyatt at 1:1 until December 31, 2026. From January 1, 2027 Bilt also converts at 4:3. If Bilt was your plan for Hyatt, transfer by December 31, 2026.

Is the Preferred still worth it?

For most people, yes. The Preferred still earns UR at its bonus rates, still transfers 1:1 to the airline partners, and still carries the travel coverage the free cards don't. What changed is one use of its points. If Hyatt was most of what you did with UR, compare the two cards above, and read Marriott vs Hilton vs Hyatt for how Hyatt points compare once they are in your account.